Press release November 19, 2010 New Deputy Heads for Deutsche Bank Research Dr. Thomas Mayer looks back on a successful first year in his role as Chief Economist of Deutsche Bank Group and Head of DB Research. Dr. Mayer is now putting responsibility for DB Research’s focus, scope and products on a broader basis by appointing two Deputy Heads of DB Research, effective today. Ralf Hoffmann and Dr. Bernhard Speyer will manage DB Research jointly with Dr. Thomas Mayer and act on his behalf in case of absence. Ralf Hoffmann is Head of Global Macro and Risk Analysis at Deutsche Bank and Deputy Head of Deutsche Bank Research. From 2002 to 2010 he was Head of Global Risk Analysis at Deutsche Bank in London. Before Ralf Hoffmann joined Deutsche Bank in 1996, he received Master degrees in economics from the University of Passau and in Southeast Asian studies from the University of London. Dr. Bernhard Speyer is Head of Banking, Policy and Sector Analysis and Deputy Head of Deutsche Bank Research. He has been the Head of DB Research’s Banking, Financial Markets and Regulation Team since 2001. Before joining Deutsche Bank, Bernhard Speyer was a lecturer at the Economics Department of Freie Universität Berlin, where he taught international monetary policy and trade policy from 1993-1997. A trained banker, he studied economics at the University of Leicester, U.K., and the Freie Universität Berlin. Bernhard Speyer holds a PhD in economics from Freie Universität Berlin. Deutsche Bank Research is responsible for macroeconomic analysis within Deutsche Bank Group and acts as consultant for the bank, its clients and stakeholders. We analyse relevant trends for the bank in financial markets, business and society and highlight risks and opportunities. DB Research on the internet: www.dbresearch.com Published by: DB Research in Deutsche Bank AG Marketing, D-60262 Frankfurt am Main Tel.: +49 69 910-31803; Fax: +49 69 910-31877 marion.grupe@db.com